DENVER — Evans Senior Investments (ESI) has arranged the sale of the Novellus Cherry Creek, an assisted living community in Denver. ESI represented Novellus Living in the transaction. Peaks Healthcare purchased the asset for an undisclosed price. Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units and operates on a 59 percent private-pay basis. The community faced occupancy challenges, with only 36 percent of its units occupied at the time of marketing. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, …
FOLSOM, Calif. — Cogir Senior Living has completed renovations at Cogir of Folsom, an assisted living community in Folsom, approximately 20 miles northeast of Sacramento. Cogir of Folsom specializes in full-time memory care and short-stay respite care. The three-phase project included the Lake Tahoe Room, a sensory experience meant to re-create vacation visits to nearby Lake Tahoe.
WISCONSIN — Ziegler has arranged the sale of an 80-bed skilled nursing and assisted living facility in Washburn County, Wisconsin. The seller was a 501(c)(3) nonprofit organization serving elderly and disabled people across the Upper Midwest. A local operator acquired the asset for an undisclosed price.
BASTROP and MINDEN, La. — Helios Healthcare Advisors served as the exclusive buy-side advisor and debt-placement agent in structuring the purchase of two assisted living communities in North Louisiana. The buyer is an independent investment group based in Texas and Louisiana. Savannah Court of Bastrop and Savannah Court of Minden are two assisted living communities that were owned by a public REIT and operated by a regional provider under a triple-net lease. Built in the late 1990s, both communities boasted a historical average occupancy of 90 percent and maintained positive …
SEATTLE — Aegis Living has opened Aegis Living Laurelhurst in the Laurelhurst neighborhood of Seattle, near the University of Washington (UW). The six-story building features 147,911 square feet of space and 136 assisted living apartments. Aegis Development LLC is the developer, Ankrom Moisan Architects is the architecture firm and Exxel Pacific is the general contractor. Aegis Living Laurelhurst is Aegis’ 38th community and the second one to open this year.
KNOXVILLE, Tenn. — SRI Management, in conjunction with Bourne Financial Group, has acquired Trinity Hills of Knoxville. The community is located in the foothills of the Great Smoky Mountains in East Knoxville. It offers assisted living and memory care services. Further details were not disclosed.
KNOXVILLE and JACKSON, Tenn. — Berkadia has arranged the sale of two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, negotiated the 127-unit transaction on behalf of a publicly traded REIT. Mainstay Senior Living acquired the properties, which are located in the Knoxville and Jackson markets. Further details were not disclosed.
ANN ARBOR, Mich. — Arrow Senior Living has assumed management of University Senior Living, expanding its Midwest reach. Located near the University of Michigan campus in Ann Arbor, University Senior Living features 63 assisted living units and 12 memory care apartments. Arrow Senior Living’s portfolio includes 37 communities, with several in development, across the Midwest. The addition of University Senior Living marks Arrow’s expansion into the Michigan market.
WICKLIFFE, Ohio — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe, a 160-unit assisted living facility in Wickliffe, approximately 15 miles northeast of Cleveland. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago. The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.